Beauty Tools Market Growth Drivers Challenges, Trends and Industry Dynamics, Forecast by 2032
Market overview
Beauty Tools Market Size was valued at USD 22.2 Billion in 2022. The beauty tools market industry is projected to grow from USD 26.0 Billion in 2023 to USD 94.0 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.40% during the forecast period (2023 - 2032). The beauty products were tremendous from ancient times. The products are designed to enhance the individual's appearance. Examples of beauty tools widely used are brushes, comb, razors, hairstyling tools, sponges, puffs, etc. These tools are trending among the young generation. The increasing demand for beauty and makeup products increases the market growth. The availability of several makeup products and their application suitable for different skin types create ways for market growth. Moreover, the growing celebrity endorsement of the different beauty products enhances the market. The growing social media marketing and rising number of online influencers are propelling the market growth. Implementing advanced technologies in manufacturing beauty tools will positively impact market growth. COVID 19 impacted all the industries, causing a decline in the market value. Due to the pandemic, most of the population stayed at home at the beginning of it, and with time government implemented a lockdown, and everyone stayed at home for many days. All the special events got canceled, due to which the requirement for beauty treatment and styling decreased, leading to a decline in demand. The industries are growing more and more, increasing the market share. The emerging beauty and makeup tutorials, the trend of on-demand beauty services, and the presence of high influencers on social media contribute to the Beauty Tools Market growth. However, low–quality beauty tools at a cheap cost which attract the consumers, can hinder the market growth in the future. Some people who use natural and organic products on their skin will decline in the market growth. The technological advancement in the has made beauty products more suitable. The availability of time-efficient and cost-effective tools creates ample growth opportunities for the market.
Key Companies Profiled |
- Procter & Gamble Company (US)
- Estee Lauder Companies Inc. (US)
- l.f. Cosmetics, Inc. (US)
- Paris Presents Incorporated (US)
- Edgewell Personal Care (US)
- Coty, Inc. (UK)
- Avon Products, Inc. (UK)
- Moet Hennessy - Louis Vuitton (LVMH) (UK)
- L'Oreal SA (France)
- Shiseido Co. Ltd. (Japan)
Market segmentation
The Beauty Tools Market is categorized into the distribution channel, end-user, and product type. Based on the type, the market is divided into hair care tools, manicure and pedicure tools, trimmers, razors, sponges and puffs, brushes & combs, and others. The hair care is sub-segmented into hair straighteners and flat irons, curling irons, hairdryers, and others. Hence, the hair care products will hold a high growth rate. The market is bifurcated into the household and commercial beauty tools by the end-user. The sub-segments of the distribution channel are store-based and non-store-based beauty tools.
Regional analysis
The Beauty Tools Market Region is analyzed in Europe, Asia Pacific, North America, and the rest of the world. North America is expected to register a high growth rate in the forecast period. It held a 34.60% share in the worldwide value due to the high use of beauty tools by women. Europe is expected to be in the second position in the market as the region is experiencing more inclination toward utilizing beauty products and tools. The Asia Pacific is the fastest-growing region due to increasing expenditure on beauty products. Remain regions of the market are expected to hold high market value.
Beauty Tools Industry Developments
May 2022,Estée Lauder and Shoppers Stop collaborated to build an exclusive SS Beauty store in Mumbai. The two companies' collaboration in India has been strengthened by this establishment. Only Estée Lauder products such as MAC Cosmetics, Clinique, Bobbi Brown, Jo Malone, Estee Lauder, Smashbox, and Tom Ford will be available at the SS beauty boutique.
March 2022, Colgate-Palmolive Company introduced Visible White O2 toothpaste. This is a unique whitening toothpaste that lightens stains from the inside out. The company has introduced this in the premium personal care market with the goal of targeting a certain consumer group.
In January 2022, Procter & Gamble has bought the luxury skincare brand Tula, which will add to the company's prestige brand portfolio. Tula is a clean skincare company that relies on microbial extracts and superfoods. As part of the acquisition agreement, P&G Beauty will work with the Tula team to drive brand growth and support expansion and innovation.
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